Cost of Living in Beckley, WV

An Overview of Cost of Living in Beckley, WV

Understanding the cost of living in Beckley can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Beckley cost of living index is 88, which is 12% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

What Do Locals Say About the Cost of Living in Beckley?

Locals have the inside scoop on their city. So, we polled 5 residents in Beckley to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 0% find it reasonable with decreasing prices, but 100% think it's quite pricey, with prices that continue to rise.

Is Beckley Affordable?

Is Beckley affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Beckley, for instance, where the median home price falls 40.8% lower than the national average, and monthly rent rates are 15.1% lower than usual. Additionally, median income levels contribute to the equation, with Beckley flaunting a median household income of $42,972, 22.3% lower than the national norm.

What Factors can Influence the Cost of Living in Beckley?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Beckley, the healthcare costs are 1.1% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Beckley, the groceries index is 0.3% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Beckley, the transportation index stands at 6% lower than the national average.

Where is the Data From?

The Beckley cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.